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That's a high multiple for a company with declining near-term profits. At $120, Zoom's stock still trades at 34 times the midpoint of its non-GAAP earnings estimate for fiscal 2023. Zoom's stock might look reasonably valued relative to its sales, but it isn't a bargain relative to its earnings yet. Therefore, Zoom will likely need to make more acquisitions to increase the stickiness of its ecosystem - but that inorganic approach could squeeze its margins, throttle its cash flow growth, and dilute its own shares. Zoom placed a bid for the cloud contact center provider Five9 ( FIVN 3.76%) last year to fend off Microsoft, but that deal was ultimately abandoned. Microsoft is bundling Teams into its other productivity software, and it can easily afford to undercut Zoom's prices. Zoom doesn't disclose its total number of MAUs, but it served about 300 million daily active participants during the onset of the pandemic in April 2020. In its latest quarter, Microsoft revealed that Teams had 270 million monthly active users (MAUs), and that 90% of the Fortune 500 companies had used Teams Phone, its answer to Zoom's audio-only Zoom Phone. Zoom needs to aggressively widen its moat against Microsoft ( MSFT 1.70%), which has pivoted away from Skype and transformed its collaboration platform Teams into a fierce competitor in the video conferencing market. Microsoft's growth in the video conferencing market
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